Weekly Property News
Friday, 20 August, 2010

Dear Reader

The countrywide public servants strike is crippling services all over South Africa. It’s predicted that more unions will be joining the strike. The Deed Office is already on strike. “The strike will affect buyers, sellers, estate agents, transfer attorneys, furniture movers and others, and will cause a fair measure of chaos throughout the property sector” says Lanice Steward, MD of Anne Porter Knight Frank. Under normal conditions, said Steward, transfers take six to eight weeks in the Cape Province. The strike by the Deeds Office could extend this indefinitely as the signs are that it could be long-lasting.

Headlines: Building completions have weakened further in the second quarter of the year, but building plans passed are beginning to show signs of bottoming out. Room for encouragement on building plans

Market news: The latest statistics released by bond originator ooba indicate a consolidation of the recovery in the property market which began in the second half of 2009. According to Saul Geffen, CEO of ooba, the monthly trends in the statistics tracked by ooba, which include movements in house prices, approved bond sizes, deposit requirements and bank decline ratios, all suggest that the positive conditions for homebuyers will continue into the second half of 2010.

The editor

In This Issue
Featured Property
Gauteng, Roodepoort, Florida Park
Calling all investors. Main house of 400sqm and 7 flatlets of 100sqm each with common pool.
Local News

Economist predicts high-rise apartments for Joburg's growing population

Pension funds in South Africa do not have any exposure to the residential property market but this is likely to change in the future, according to property economist Francois Viruly...

Room for encouragement on building plans

Building completions have weakened further in the second quarter of the year, but building plans passed are beginning to show signs of bottoming out...

House prices power ahead

The latest statistics released by bond originator ooba indicate a consolidation of the recovery in the property market which began in the second half of 2009...

Deeds Office strike will cause delays

The importance of having a definite occupation date and an occupational rental in every deed of sale – in case the transaction does not go through on the anticipated date – has been highlighted by the Deeds Office strike, says Lanice Steward...

The real benefits of homeownership

Talking recently to a group of Rawson Properties franchisees, Bill Rawson, Chairman of Rawson Properties said that estate agents should be trained to ‘sell’ the psychological and social benefits of homeownership to a far greater degree than is currently done...

Six reasons not to buy property

We often hear about real estate investors who have been very successful in building wealth-creating portfolios. We may believe that they have some very special skill or ability, that there is something they know which nobody else does...

A guide for investing in property

The World Cup fever brought with it massive capital and infrastructure spend at a scale and proportion that has not been seen in its history before. World class stadiums, improved highway and road infrastructure and leisure capacity in world class hotels and luxury accommodation...

Advice to retirees

Although some recent media reports have been ambivalent on future prospects of the Cape residential market, it is showing a slow but steady upward trend, says Lanice Steward...

Advice to first time homebuyers

Interest rates may be at historic lows - but first-time buyers find it increasingly difficult to enter the market...

How to pay off your bond faster

Adrian Goslett, CEO of RE/MAX of Southern Africa, provides some excellent tips for paying off your bond faster in a cash strapped environment...

Why landlords love Eskom

Residential landlords who want to keep their tenants may have to forego any further rental increases this year as the new Eskom electricity tariffs start to eat into disposable incomes...

World Cup did not affect Rawson Properties turnover

Fears that the South African residential market would “go to sleep” over the World Cup period have proved to be largely groundless, said Bill Rawson, Chairman of Rawson Properties...

East London stand attracts record price

A stand of 1200sqm located on the Nahoon River has just been bought for R3,5m – or R2917/sqm, the highest price yet paid for undeveloped residential land in East London...

Sometimes off-plan property doesn't look as good in reality

Paul Henry, the managing director of Rawson Developers, has warned that although there are big advantages to buying off plan, there is always a danger that the final product may not be as good as the computer graphics and plans led the buyer to expect...

All amendments to property transactions must be signed

A recent court case in which an owner who changed his mind about wanting to sell his property was able to get the whole deal declared invalid on the grounds that a single amendment, added later to the deed of sale, had not been signed by both parties, has shown once again the importance of having all property transactions in writing...

Property bargains beckon investors: expert

While the property market still faces headwinds via high household debt levels and rising unemployment, it maybe an ideal opportunity for investors to enter the market locally and offshore...

Focus On

Johannesburg, Gauteng, South Africa

Johannesburg is an African city of note. Johannesburg is characterised by contradiction and an apparent seamless combination of irreconcilable differences. The largest city in South Africa, Johannesburg is also the wealthiest and, without doubt, the economic powerhouse of Africa...

>> Property in Johannesburg
>> Property in Gauteng

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1. Western Cape
2. Garden Route
3. Northern Cape
4. Eastern Cape
5. KwaZulu Natal
6. Free State
7. North West
8. Gauteng
9. Mpumalanga
10. Limpopo

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In the Area

The areas we are going to take a closer look at this week are;

  • Johannesburg (Western areas)
  • East London
  • Ottery
In the area 1 - Johannesburg (Western areas)

Gavin Bouwer, Broker/Owner of RE/MAX 2000 which services the western and north western suburbs of Johannesburg, says that sales volumes in 2010 have shown a 40% to 50% increase over the same period last year, even though prices have remained depressed, and in some instances even dropped...

In the area 2 - East London

Well-priced homes move fast in East London

Anne Chegwidden, Broker/Owner of RE/MAX Sunshine Coast, reports that there has been an increase in buying activity in her areas of operation, which covers East London and surrounding locales from Kaysers Beach, Kidds Beach, Gulu and east along the coast as far as Morgans Bay and Haga Haga...

In the area 3 - Ottery

Mark Brickles, Broker/Owner of RE/MAX Ultra Select, which operates in the areas of Ottery, Lansdowne, Rondebosch East, Wetton, Grassy Park, Wynberg, Southfield, Plumstead, Retreat, Zeekoevlei and even as far as Strandfontein and Mitchells Plain, says that it is very difficult to comprehend why houses for sale in Ottery and the surrounding areas would not sell since the area offers real bargains and value for money real estate...

To the editor

Share your comments with us by sending it to news@cyberprop.com

News from Santam

Launch of Stilus (insurance for the sectional title industry)

Reaction to the initial announcement that Stilus, a newly launched Santam backed insurance policy especially designed for the sectional title industry, has been better than anticipated, says Charles Coetzee, the executive director of Stilus Underwriting Managers...

Local News Continue

Home owners' associations are not the same as sectional title schemes

There seems to be some confusion of late as to the differences between home owners’ associations and sectional title schemes. Sectional title is a legal arrangement in terms of which parts of buildings can be exclusively owned, in conjunction with shared ownership of other parts of the buildings and the land...

Death of the estate agent

Although many business sectors were hit hard by the 2008-2009 recession and had to make people redundant, possibly no sector lost more staff than those involved in residential property marketing, says Lanice Steward, MD of Anne Porter Knight Frank...

CyberProp Property Count: 20/08/2010

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